Tech Nation, a UK startup accelerator, has announced that it will be closing down after its government funding was not renewed.
In a statement, the organization stated that it will be ending its operations and has initiated a redundancy consultation process. It is actively searching for new owners for its portfolio of assets.
Tech Nation was founded in 2010 during ex-Prime Minister David Cameron’s term with the aim to create globally significant tech companies and compete with Silicon Valley.
The organization claims to have aided in the creation of well-known tech companies, such as Monzo, Revolut, Deliveroo, Just Eat, Darktrace, and Ocado, and that over a third of UK tech unicorns and decacorns have graduated from its programs.
Tech Nation also says that over 95% of its accelerator program startups have gone on to succeed, with its graduates having raised over £28 billion ($35.4 billion) to date. However, due to the loss of its DCMS grant, which made up 62% of its funding, Tech Nation said its activities were no longer viable and had to be shut down.
Tech Nation is in talks with Barclays Bank to transfer government delivery workers to the bank and has informed the Home Office that its visa program for foreign tech workers will continue.
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